Ocwen to pay Mass., homeowners $3.7M

BOSTON – The nation’s fourth-largest mortgage servicer has agreed to pay Massachusetts a total of $3.7 million to resolve claims that it failed to provide certain required notices to homeowners and that it unlawfully foreclosed on certain properties, Attorney General Martha Coakley announced last week. More

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Ocwen to pay Mass., homeowners $3.7M

Posted 6/30/14

BOSTON – The nation’s fourth-largest mortgage servicer has agreed to pay Massachusetts a total of $3.7 million to resolve claims that it failed to provide certain required notices to homeowners and that it unlawfully foreclosed on certain properties, Attorney General Martha Coakley announced last week.

The assurance of discontinuance alleges that Ocwen failed to follow Massachusetts law for notices and mortgage assignments in the handling of certain mortgage loans. According to the statement, this included failures to send state-mandated notices to homeowners in default, and failures to execute proper mortgage assignments. Additionally, Litton Home Servicing Limited Partnership, a company acquired by Ocwen, allegedly initiated foreclosures when it did not hold the actual mortgages, in violation of Massachusetts law.

Coakley’s office alleges that Litton’s unlawful conduct resulted in void foreclosures affecting the marketability and insurability of the titles. •

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